Inflation AND Economy: By: Ruby Camille M Cultura

INFLATION
AND
ECONOMY
. BY: RUBY CAMILLE M CULTURA

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Economy
An economy is the system according to which the

money, industry, and trade of a country or region are
organized.
 Economy definition and meaning: Collins English Dictionary. (n.d.).

Retrieved from
https://www.collinsdictionary.com/dictionary/english/economy
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CHARACTERISTICS
OF ECONOMY
 Freedom of choice.
Ownership of resources.
 Price determination.
Who gains the profits earned?
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FUNCTIONS
 The allocation of resources.

 The organization of production.
 The distribution of finished goods and
services.
 The promotion of economic progress.
The maintenance of economic stablility
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TYPES OF ECONOMIC SYSTEM
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Philippines Economy
“The global economic rebound especially among the country’s trading partners,
will boost exports and increase remittances, strengthening recovery in the
Philippines,” said Ndiame Diop, World Bank Country Director for Brunei,
Malaysia, Philippines, and Thailand. “The country can take advantage of
this development by ramping up vaccination and improving overall pandemic
response to control infection rates and boost consumer and business
confidence.”
The PEU notes that the resurgence of new COVID-19 cases and rising
inflation have derailed the early signs of economic rebound in 2021. As
lockdown restrictions eased in early 2021, people’s mobility stepped up, and
employment and earnings of families gradually improved. The better
external environment also led to an expansion in trade. However, the surge
in COVID-19 cases beginning in late March amid rising inflation derailed the
momentum for recovery.
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In a recent World Bank household survey, two (2) in five (5) households were
worried about not having enough food for the ensuing days. Households
reported difficulty accessing health services due to a lack of income. Three in
five households cited this as a reason for not obtaining much needed
medical treatment.
The PEU also stresses that mobilizing private sector participation in

infrastructure projects will be important as the government faces limited
fiscal space in the near term due to slower growth. The report adds that
rules on foreign direct investments remain restrictive in the Philippines.
Allowing greater foreign participation in the economy can help improve
infrastructure and strengthen economic growth
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Growth of Philippines Economy
The Asian Development Outlook (ADO) 2021, ADB’s flagship

economic publication, forecasts the Philippine economy to grow by
4.5% in 2021 and 5.5% in 2022. Substantial progress in the country’s
vaccination rollout will help restore consumer and business
confidence, though uncertainties over how the pandemic will unfold
globally and domestically can pose risks to growth prospects.
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Growth of Philippines Economy
Inflation is forecast to rise to 4.1% in 2021, up from 2.6% in 2020,

due to rising global commodity prices and other supply-side factors.
For instance, the African swine fever has resulted in disruptions to the
pork supply in the Philippines. Inflation is expected to ease to 3.5% in
2022 as government takes measures to address supply-side pressures.
The current account surplus is forecast to narrow to 2.5% of gross

domestic product in 2021 and 1.8% in 2022. Merchandise exports are
expected to increase with the rise in global trade, as imports,
especially capital goods, rebound to support public infrastructure
development.
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Inflation
a general increase in prices and fall in the

purchasing value of money.
Team, T. I. (2021, June 9). What Causes Inflation and Who

Profits From It? Investopedia.
https://www.investopedia.com/ask/answers/111314/what-causes-
inflation-and-does-anyone-gain-it.asp. 18
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Summary Inflation Report Consumer
Price Index June 2021 of Philipppines
 he country’s headline inflation slowed down to 4.1 percent in June
2021, after recording an inflation of 4.5 percent for three consecutive
months. This brings the Philippines’ average inflation for the first
semester of 2021 at 4.4 percent. In June 2020, inflation was registered
at 2.5 percent. (Table A and Figure 1)
 The slower pace in the inflation in June 2021 was primarily due to the
lower annual rate of increase in the transport index at 9.6 percent,
from 16.5 percent in May 2021. Moreover, inflation slowed down in
the indices of the following commodity groups:
 Alcoholic beverages and tobacco, 11.2 percent;

 Clothing and footwear, 1.6 percent;
 Health, 2.9 percent; and
 Communication, 0.2 percent.
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Summary Inflation Report Consumer
Price Index June 2021 of Philippines
Meanwhile, inflation rates were higher in the indices of food and non-alcoholic beverages at 4.7
percent; housing, water, electricity, gas, and other fuels, 2.4 percent; and restaurant and miscellaneous
goods and services, 3.9 percent.
The rest of the commodity groups retained their respective previous month’s annual growth rates.
(Tables 3 and 4).
Excluding selected food and energy items, core inflation, likewise, decelerated to 3.0 percent in June
2021, from 3.3 percent in May 2021. In June 2020, core inflation was posted at 3.0 percent. (Tables A
and 9)
Inflation for food index at the national level stood at its previous month’s annual rate of 4.9 percent in
June 2021. In the same month of the previous year, inflation for food index was recorded at 2.7
percent. (Table 7)
There were mixed movements in the annual growth rates in the indices of food groups during the month.
Higher annual increases were observed in the indices of the following food groups:
Corn, 5.3 percent;
Fish, 8.7 percent;
Oils and fats, 4.2 percent;
Sugar, jam, honey, chocolate and confectionery, 1.0 percent; and
Food products, not elsewhere classified, 1.4 percent.
On the other hand, annual hikes slowed down in the indices of meat at 19.2 percent; and milk, cheese
and egg, 1.0 percent. Other food groups exhibited annual decreases, except other cereals, flour, cereal
preparations, bread, pasta, and other bakery products which retained its previous month’s annual rate of
1.8 percent. (Table 5)
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Philippines Inflation Rate
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Function of Money
 Money is transferable and deferrable —the seller can hold on to it
and buy when the time is right. Many argue that complex
civilizations could never have arisen without the flexibility of
exchange that money allows. Money also gives a yardstick for
deciding the value of things. If all goods have a monetary value, we
can know and compare every cost
Kishtainy, Niall. The Economics Book. Dk Pub,

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2012, pp. 24–25.
Why Money
Causes Inflation
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consectetuer adipiscing elit
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THE END
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REFERENCES
 Chua,Kevin C.; Cruz,Kevin Thomas Garcia; Enriquez,Karen Annette Lazaro; Santos,Eduard Renzo; Garces,Ludigil
Laborte; Endo,Isaku; Lee,Heejin; Belghith,Nadia Belhaj Hassine; Piza,Sharon Faye
Alariao; Cho,Yoonyoung; Rodriguez,Ruth Reyes; Zapanta,Arianna Ma Francesca S; Mutasa,Ronald
Upenyu; Gandham,Ramana; Islamaj,Ergys; Crisostomo,Cha; Ihsan,Ahya; Lewis,Blane David; Weiss,Eli; Hawke,Lewis
Raymond; Qian,Rong; Raghunath,Madhu.2021.
Philippines Economic Update : Navigating a Challenging Recovery (English). Washington, D.C. : World Bank Group.
http://documents.worldbank.org/curated/en/380011623076770757/Philippines-Economic-Update-Navigating-a-Challenging-Recovery
 Economy type and characteristics

Slideshare.net
https://www.slideshare.net/namitasharma73997/economy-type-and-characteristics
 INFLATION : NATURE,EFFECT AND CONTROL

Slideshare.net
https://www.slideshare.net/sreekanthskt/inflation-natureeffect-and-control

Philippine Economy Seen Recovering in 2021, with Stronger Growth in. (2021, April 28). Asian Development Bank.
https://www.adb.org/news/philippine-economy-seen-recovering-2021-stronger-growth-2022-adb
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REFERENCES
 PHILIPPINES: Ramping Up Vaccination, Improving Pandemic Response Can Strengthen Recovery . (2021, June 8). World
Bank.
https://www.worldbank.org/en/news/press-release/2021/06/08/philippines-ramping-up-vaccination-improving-pandemic-response-can-str
engthen-recovery
 Philippine Statistics Authority. (2021, July 6). Summary Inflation Report Consumer Price Index (2012=100): June 2021 | Philippine
Statistics Authority. Https://Psa.Gov.Ph.
https://psa.gov.ph/statistics/survey/price/summary-inflation-report-consumer-price-index-2012100-june-2021
 TRADING ECONOMICS. (n.d.). Philippines Inflation Rate | 1958–2021 Data | 2022–2023 Forecast | Calendar.
Retrieved July 23, 2021, from https://tradingeconomics.com/philippines/inflation-cpi
 Types of economic systems

Slideshare.net
https://www.slideshare.net/yacub13/types-of-economic-systems
 The Diplomat. (2021, June 11). A Long Road Ahead for the Philippine Economy . https://thediplomat.com/2021/06/a-long-road-ahead-
for-the-philippine-economy/
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INFLATION

. BY: RUBY CAMILLE M CULTURA

An economy is the system according to which the

 Economy definition and meaning: Collins English Dictionary. (n.d.).

 The allocation of resources.

The PEU also stresses that mobilizing private sector participation in

The Asian Development Outlook (ADO) 2021, ADB’s flagship

Inflation is forecast to rise to 4.1% in 2021, up from 2.6% in 2020,

The current account surplus is forecast to narrow to 2.5% of gross

a general increase in prices and fall in the

Team, T. I. (2021, June 9). What Causes Inflation and Who

 Alcoholic beverages and tobacco, 11.2 percent;

Kishtainy, Niall. The Economics Book. Dk Pub,

 Economy type and characteristics

 INFLATION : NATURE,EFFECT AND CONTROL

 Types of economic systems

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